An Ethereum Proof-of-Work (ETHW) mining service was announced by cryptocurrency exchange Binance on 29 September.
“#Binance launches the Ethereum Proof-of-Work $ETHW Mining Pool!. Mine $ETHW with #Binance Pool and enjoy zero fees on all your earnings 🤝,” Tweeted Binance.
The Initial Transaction Will be Free
There will be no fee for participants in the ETHW Pool during the promotional period that ends Oct. 29, according to a statement Thursday.
The formation of a mining pool occurs when a group of crypto miners wants to share resources, enabling others to work with them and effectively process transactions together.
Meanwhile, as a result of Ethereum’s Merge earlier this month, ETHW was born. As part of its long-anticipated Merge, Ethereum, the second-largest cryptocurrency by market value, has switched to proof of stake.
After the cryptocurrency was switched to a new consensus mechanism, it became much more energy efficient by replacing miners with validators who stake cryptocurrency instead of using expensive and energy-intensive machines to secure the network, removing the need for miners.
However, before the merge, prominent Chinese miner Chandler Guo launched a campaign to oppose the merger because he wanted miners to remain employed.
Services Called Binance Pool
Crypto mining pools are formed when groups of miners want to share resources so other miners can work with them to process transactions more efficiently.
Binance Launched services called Binance Pool which is a service that allows its users to join pools.
Binance noted in its announcement of its ETHW mining pool, “In order to protect Binance users, ETHW will go through the same strict listing review process as Binance does for any other coin/token. Supporting ETHW on Binance Pool does not guarantee the listing of ETHW.”
“I take this as a good sign, hopefully #Binance is listing #ETHW soon 💎,” said one Twitter users.
— Lily on Crypto 🔶 (@Lily_on_Crypto) September 29, 2022